Contract Awards

Weatherford secured multiple new contracts in the fourth quarter. These include a seven-year agreement with Occidental for gas-lift completions and flow control accessories in Oman. Petroleum Development Oman (PDO) awarded a five-year contract for well services at the Qarn Alam and South fields in Oman. Kuwait Oil Company also granted a five-year completions contract.

Additional contracts were won from Bapco Upstream for directional drilling and logging-while-drilling services in Bahrain, from SNGN RomGaz for wireline services in Romania, and from PTTEP Thailand for onshore tubular running services. In South America, Petrobras awarded a four-year contract for intervention services and drilling tools for onshore and offshore work in Brazil. The financial value of these deals was not disclosed.

Financial Performance

For the fourth quarter, Weatherford reported revenue of $1.29 billion, which represents a 4% decrease compared to the same period the previous year. Despite the revenue decline, the company's profits saw a significant increase, rising by 23% year-over-year to $128 million.